Creating a New Budget

This article will describe the steps necessary to create a new Budget using the Advanced Budgeting feature in Restaurant365. Click here for more information on Budgeting

Creating a New Budget

To begin the process of creating a new Budget, hover over the Account menu and selected ‘Budget’

Upon selecting Budget, a new tab will open where the Budget Parameters will be set prior to creating the Budget

Budget Parameters

Budgets can be created and saved with the following parameters:

Current and future years

Single Location or multiple Locations

By Period or Week

Using the Fiscal or Operational Calendar

Budgets can also be created for both the Balance Sheet and Profit & Loss statement

On the Budget Parameters screen, an Accounting Manager User will select the year, select the Location(s), designate periods vs weeks, designate the Calendar Type (Fiscal vs. Operational), and the Budget Account Type (Balance Sheet vs. P&L). The User will then give the Budget a Name, select if the Budget will be the Reporting Budget used in My Reports for the Location(s) designated, and select how the Budget will be started: using Prior Year Actuals, Copying a previously completed Budget, or as a Blank Budget (no data)

Legend:

1) Year – Select the Year for the Budget

2) Locations – Select the Location or Multiple Locations for the Budget. Note: when selecting Locations that belong to different Legal Entities, the Periods (or weeks) will be pulled from the Legal Entity of the first Location selected and a warning error will be displayed:

3) Budget By – Designate if the Budget will be by Period, or by Week

4) Calendar Type – Designate if the Budget will be based on the Operational Calendar or the Fiscal Calendar of the selected Location(s)

5) Account Type – Designate the Account Type for the Budget, Profit & Loss or Balance Sheet. This will determine which accounts are loaded on the Budget

6) Name – Type in the desired Name for the Budget

7) Reporting Budget Checkbox – Check this box if the Budget will be the default Budget in My Reports for the selected Location(s)

8) Start With: Prior Year Actuals – Click this button to Create the Budget based on Prior Year Actuals. Note: if Prior Year Actuals do not exist in Restaurant365, all values will be set to Zero

9) Start With: Copy Other Budget – Click this button to Create the Budget based on a previously completed Budget

Upon selecting and identifying the Budget Parameters, click one of the Start With options to create a Budget. Budgets can be created using the following starting points:

Blank (not based on existing data)

Prior Year Actuals (with the option to increase or decrease existing data)

Other previously completed Budgets

Blank Budget

When Blank Budget is selected, the Budget will be created without using any prior year data.

Prior Year Actuals Budget

When Prior Year Actuals is selected an additional prompt will appear asking the User to specify the year from which to pull the Prior Year Actuals

Additionally the User can specify if the Budget should have any data calculations performed prior to creation. Users can elect to make the following calculations based on Prior Year Actuals:

None – no calculations will be performed and the Prior Year Actuals will be generated unaltered

Increase – Increase the Prior Year Actuals by a percentage entered as a whole number

Decrease – Decrease the values of the Prior Year Actuals by a percentage entered as a whole number

Upon clicking the Create Budget button, the Budget will be generated based on the Prior Years Actuals and the specified parameters and calculations

Percentage Calculation: None

When None is selected, the Prior Year Actuals will be imported to the Budget without any calculations

Percentage Calculation: Increase

When the Increase option is selected, the ‘Increase by’ field appears and the user enters the desired percentage. In the following example the Prior Year Actuals have been increased by 15%

Percentage Calculation: Decrease

When the Decrease option is selected, the ‘Decrease by’ field appears and the user enters the desired percentage. In the following example the Prior Year Actuals have been decreased by 15%

Copy Other Budget

When Copy Other Budget is selected an additional prompt will appear asking the User to Select the Budget to Copy From

If the selected Budget was created for a different Location, a Location Mapping prompt will appear. The user will then need to select the Location to Copy From. Additional rows will appear on this prompt if the new Budget has multiple Locations

1) Destination Location – The value in this area is the Location Name that was selected on the Budget Parameters screen. If multiple Locations were selected, a row representing each selected Location will be present on this prompt

2) Origin Location – The value(s) in the Copy From Location selector are from the Selected Budget. If multiple Locations exist on the selected Budget, the User must specify which Location to Copy From

Additionally the User can specify if the Budget should have any calculations performed prior to creation. Users can elect to make the following calculations based on the selected Budget:

None – no calculations will be performed and the values from the selected Budget will be generated unaltered

Increase – Increase the values from the selected Budget by a percentage entered as a whole number

Decrease – Decrease the values of the select Budget by a percentage entered as a whole number

Upon clicking the Create Budget button, the Budget will be generated based on the specified parameters and the selected Copy From Budget. For examples of Budget calculations please see the above section on Prior Year Actuals